April 17, 2007 -- NEW YORK, API Nanotronics, Corp. (OTCBB: APIO) ("API" or the "Company"), a leading supplier of electronic components to the defense and communications sectors, today announced third quarter operating results for the period ended February 28, 2007.
Quarterly Financial Highlights:
-- Net sales of $4,643,203, a 40% increase over third quarter 2006 revenues of $3,309,703;
-- Gross profit increased $325,000 or 42% from $775,819 to $1,100,701;
-- Net loss for the quarter was $189,708 compared to $45,557 for the same period in 2006;
-- Strong balance sheet with over $8.5 million in cash and marketable securities.
During the third quarter, API Nanotronics achieved several important milestones that strengthened its position as a key supplier of critical electronic components to the defense industry and help establish the Company as a leading source for the design and manufacture of Nanotechnology-derived products. In January, the Company completed its acquisition of the National Hybrid Group, significantly increasing its operations and providing an important entrance into the Nanotechnology research and manufacturing space.
Subsequent to the end of the quarter, the Company announced the hiring of Dr. Martin Moskovits as Chief Technology Officer beginning May 1, 2007. Dr. Moskovits is a pioneer in the area of Nanotechnology and a respected member of the scientific and academic community, most recently serving as Dean of Science at The University of California, Santa Barbara.
Phillip DeZwirek, Chairman, and CEO of API, stated, "We are pleased with the results and progress we are making at API Nanotronics. We are only in the early stages of realizing the significant synergies and opportunities that exist within all of our operating subsidiaries. This is an exciting and pivotal period in our company's history. Closing the National Hybrid acquisition was a major step and has positioned us to move forward with our goals in the area of Nanotechnology."
About API Nanotronics Corp.
API Nanotronics Corp. through its wholly owned subsidiaries API Electronics Inc., National Hybrid Inc., Filtran Group, TM Systems and Keytronics, is engaged in the manufacture of electronic components and systems for the defense and communications industries. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, and numerous other top technology-based firms around the world, API regularly ships off-the-shelf and custom-designed products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, Connecticut and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Nanotronics trades on the OTC Bulletin Board under the symbol APIO. For further information, please visit the company website at www.apinanotronics.com
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which API Nanotronics Corp. and its subsidiaries and affiliates have little or no control.
ON BEHALF OF THE BOARD
API Nanotronics Corp.
Philip DeZwirek, CEO